DURHAM, N.C., May 06, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced an updated issuance date for the company’s first quarter 2024 financial results. The Company requires additional time to work through accounting and discontinued operations matters primarily as a result of entering into a definitive agreement in March 2024 to divest assets relating to the Company’s Enabling Services segment. Fortrea will now release it ...

DURHAM, N.C., April 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (NASDAQ:FTRE) (the "Company"), a leading global contract research organization (CRO), today announced that it will release its first quarter 2024 financial results before the market opens on Tuesday, May 7, 2024. Fortrea will host a conference call at 9:00 am ET that day to review its financial results and conduct a question-and-answer session. To participate in the earnings call, participants should register online at the Fortrea Investor Relations w ...

DURHAM, N.C., April 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that it will release its first quarter 2024 financial results before the market opens on Tuesday, May 7, 2024. Fortrea will host a conference call at 9:00 am ET that day to review its financial results and conduct a question-and-answer session. To participate in the earnings call, participants should register online at the Fortrea Investor Relations ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K __________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-04321 __________________________________ Fortrea Holdings Inc. (Exac ...

Financial Data and Key Metrics - Full-year 2023 adjusted EBITDA margin was 8 6%, compared to 13 1% for full-year 2022 [16] - Adjusted net income for Q4 2023 was $16 6 million, a 79 7% decrease compared to $81 6 million in the prior year period [16] - Adjusted EBITDA for Q4 2023 was $67 2 million, a 38 8% decrease year-over-year compared to $109 8 million in the prior year period [21] - Full-year 2023 adjusted EBITDA was $267 3 million, a 34% decrease compared to $405 1 million in 2022 [21] - Net interest expense for Q4 2023 was $34 5 million [5] - Cash flow from operating activities in 2023 was $167 4 million, compared to $87 5 million in 2022 [22] - Free cash flow in 2023 was $127 1 million, compared to $33 1 million in 2022 [22] - Net accounts receivable and unbilled services were $1 05 billion as of December 31, 2023, compared to $1 02 billion as of December 31, 2022 [24] - Day sales outstanding (DSO) was 92 days as of December 31, 2023, flat compared to Q3 2023 and one day higher than December 31, 2022 [24] Business Line Data and Key Metrics - Clinical services revenues in Q4 2023 were $709 7 million, a 1 7% year-on-year increase driven by higher pass-through revenues [118] - Enabling services revenues in Q4 2023 were $65 7 million, a 2 8% increase driven by growth in the endpoint platform and higher pass-through revenue [112] - The company achieved a book-to-bill ratio of 1 3 times in Q4 2023, bringing the book-to-bill ratio to more than 1 27 times for the first six months as an independent organization [88] - The backlog grew 3 6% sequentially in Q4 2023, ending the quarter at $7 4 billion [105] Market Data and Key Metrics - The company exited roughly 40% of its TSAs with its former parent by the end of 2023 [4] - The top 10 customers represented nearly half of the company's 2023 revenues, with one customer accounting for 10 7% of revenues [22] - The company expects market growth rates of roughly 3% to 5% for 2024 [11] Company Strategy and Industry Competition - The company is focusing on becoming a pure-play CRO, divesting non-core businesses such as endpoint clinical and Fortrea patient access to Arsenal Capital Partners for $345 million [26][115] - The company is investing in differentiation, including a new advertising campaign to raise brand awareness and visibility at industry events [15] - The company is leveraging partnerships with Medidata and other industry leaders to improve access to diverse population groups in clinical studies and enhance operational efficiency [20][142] - The company is targeting a 2025 adjusted EBITDA margin of approximately 13%, consistent with 2022 levels [28] - The company is focusing on improving its DSO position and targeting a net leverage ratio of 2 5 to 3 times over the medium term [76] Management Commentary on Operating Environment and Future Outlook - The company expects 2024 to be a year of transformation, with revenue growth improving in the second half of the year [11][66] - The company anticipates full-year 2024 interest expense to total approximately $130 million [9] - The company expects to exit 2024 and enter 2025 at a run rate of around 13% adjusted EBITDA margin [105] - The company is confident in its ability to deliver net new business awards to meet quarterly book-to-bill ratios of at least 1 2 times [11] - The company is focused on improving its growth profile by increasing efforts around contracts that deliver a targeted mix of business [10] Other Important Information - The company incurred $5 5 million in costs related to a rare programming error by a third-party vendor, which impacted a customer's trial These costs were excluded from adjusted EBITDA and adjusted net income [106] - The company's effective tax rate for full-year 2023 was 406 3%, driven by non-deductible foreign tax expenses and executive compensation expenses [32] - The company's leverage for covenant compliance purposes was more than one full turn lower than its adjusted EBITDA results, due to add-backs for public company costs, spin-related costs, and cost savings initiatives [25] Q&A Session Summary Question: Margin progression and drivers for 2024 [7][8] - The company expects margin improvement to be weighted more towards the second half of 2024, with one-third of the improvement in the first half and two-thirds in the second half The first quarter will be impacted by soft book-to-bill in the spin year, but improvement is expected to start in the second quarter and accelerate in the second half [8] Question: Impact of divestiture on 2025 margins [38][47] - The company expects to achieve a 13% adjusted EBITDA margin in 2025, irrespective of the divestiture The divestiture is expected to improve financial flexibility and sharpen the company's strategic focus [47] Question: Competitive landscape and pricing environment [42][43] - The company feels competitive on all fronts, with no significant changes in pricing The company is focused on delivering value to customers and maintaining its competitive position [43] Question: Bookings environment and confidence in Q1 2024 [44][91] - The company has a solid pipeline and is confident in its ability to deliver a book-to-bill ratio of at least 1 2 times in Q1 2024 [91] Question: Direct costs and SG&A ratios for 2024 [54][55] - The company expects to see more improvement in cost of sales in the second half of 2024, with SG&A improvements accelerating in 2025 The company will report Q1 2024 results with cost of sales and SG&A in a manner consistent with peers [55] Question: Valuation of divested businesses [147][152] - The company went through a full process for the divestiture, with Barclays assisting The company is pleased with the outcome and believes Arsenal Capital Partners will invest in the divested businesses [152] Question: Leverage implications of divestiture [40][148] - The company plans to use approximately 60% of the divestiture proceeds for debt paydown, which will improve its capital structure [40]

For the three months and full year ended December 31, 2023: Revenues of $775.4 million for the fourth quarter, $3,109.0 million for the full yearGAAP net loss of $(36.0) million for the fourth quarter, $(3.4) million for the full yearAdjusted EBITDA of $67.2 million for the fourth quarter, $267.3 million for the full yearFourth-quarter book-to-bill ratio of 1.30x DURHAM, N.C., March 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (NASDAQ:FTRE) (the "Company"), a leading global contract research organization (CRO), t ...

Proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses further streamlines Fortrea's strategic focus as a pure-play contract research organization Creates standalone best-in-class Randomization and Trial Supply Management and Patient Access solutions positioned for differentiation and growth DURHAM, N.C., March 11, 2024 (GLOBE NEWSWIRE) -- Fortrea (NASDAQ:FTRE) (the "Company"), a leading global contract research organization (CRO), today announced it has signed a definitive agreemen ...

Exhibit 99.1 Fortrea Reports Fourth Quarter and Full-Year 2023 Results; Issues Full-Year 2024 Guidance For the three months ended December 31, 2023 and full year 2023: DURHAM, N.C., March 11, 2024 — Fortrea (Nasdaq: FTRE) (the "Company"), a leading global contract research organization (CRO), today reported financial results for the fourth quarter and full year ended December 31, 2023. "Fortrea successfully navigated the second half 2023 transforming a "division of a division" into a leader in clinical deve ...

Fortrea 的非商業性專賣藥房擴張為顧客提供靈活可擴展的解決方案，直接為患者提供改變生活的藥物達勒姆市，北卡羅來納州, Feb. 22, 2024 (GLOBE NEWSWIRE) -- 全球領先的合同研究組織 (CRO) Fortrea (Nasdaq: FTRE)（以下簡稱「公司」）今天宣布其擴張的非商業性專賣藥房 FortreaRx™ 開業，地址位於弗洛里達州瑪麗湖。該藥房在全美國提供先進的患者就醫解決方案，包括常溫和冷鏈配送能力及專業技術。 FortreaRx 在所有 50 個州和美國領土獲得許可，為顧客提供滿足其特殊需求的靈活可擴展解決方案，同時為可能無法獲得藥物的患者提供用藥。非商業性專賣藥房，如 FortreaRx，代表其製藥企業客戶提供此類解決方案，並且具有獨特的服務定位，即作為製藥企業和滿足企業處方協助要求的患者間的橋樑。 自 2008 年末 FortreaRx 創立起，Fortrea 一直是非商業性專賣藥房服務領域的先驅，專注於免費產品的配送，作為製藥企業申辦的患者援助項目 (PAP) 的重要組成，其旨在為無醫保或醫保不足的合格患者擴展治療機會。FortreaRx 的 40,000 平 ...

Core Insights - Fortrea (Nasdaq: FTRE) has partnered with Veeva Systems Inc. and Advarra to enhance clinical trial solutions, aiming to streamline processes and improve efficiency in clinical research [1][2][3] Group 1: Company Overview - Fortrea is focused on providing solutions for clinical trials, specifically targeting I-IV phase trials, and aims to address the complexities involved in the clinical trial process [2] - The company has established a robust network of over 90 partners, employing approximately 19,000 professionals to support its clinical trial operations [2] Group 2: Strategic Partnerships - The collaboration with Veeva and Advarra is intended to simplify trial management and enhance the overall quality of clinical research [1] - Fortrea's partnership strategy is designed to leverage the strengths of its partners to deliver comprehensive solutions for clinical trial management [1][2] Group 3: Market Position - Fortrea is positioned to address the growing demand for efficient clinical trial solutions, which is critical given the increasing complexity of clinical research [2] - The company aims to improve patient engagement and streamline the trial process, which is essential for meeting the evolving needs of the healthcare industry [1][2]